We are analyzing the activity of HFT algorithms today and note that the EURGBP pair may provide attractive opportunities from the long side as an extension of the recent bullish price action.
Namely, EURGBP hit the light HFT buying pressure zone today, which is located at 0.8612 and below. But the uptrend is strong and this current dip looks like only the correction within the larger bull leg.
Moreover, the 38.2% Fibonacci retracement is inside the HFT buy zone (see chart). This Fib level has now been hit as well.
Upside potential is seen toward the prior highs around 0.8640 and then the light HFT selling pressure zone, which is located today at 0.8657 and above.
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